It has been predicted that by 2027, the age to qualify for full Social Security Benefits will have increased to age 67. That is the money that you have been having deducted from your paychecks as the foundation of your retirement savings plan. And it is projected that by 2030, there will only be 2.2 active workers to support each person drawing Social Security. As your income gets higher, Social Security replaces a smaller percentage of retirement benefits, In summary, you will wait longer to qualify for benefits to start replacing a smaller percentage of your income.
Takings these points into consideration as you design your retirement income plan, you should recognize that Social Security benefits will play a very limited role in providing for your future.
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Note: Social Security Administration will now assist you in calculating your projected retirement benefits. Call 1-800-772-1213 and ask for Form SSA-7004, the “Personal Earnings and Benefit Estimate Statement,” or you can access the form on the internet at www,ssa,gov. Complete the form, return it to the Social Security Administration, and you will receive an estimate of your benefits.